Investors from state-owned lenders to Singapore’s sovereign wealth fund and Canada’s national pension manager are set to reap a $2.6 billion windfall as India’s National Stock Exchange (NSE) moves ahead with a long-awaited listing.
NSE — the country’s largest bourse and the world’s most active derivatives exchange — filed draft papers for an initial public offering late on Wednesday, following years of regulatory delays.
The listing will be a pure offer-for-sale, with existing shareholders offering to sell about 6 per cent of the exchange’s equity and no fresh equity raised.
NSE has more than 200,000 investors currently, and its shares trade at close to ₹2,000 ($21.18) in the unlisted market, according to trading platforms. That suggests a valuation of some $57 billion, setting the bourse up to become the world’s fifth most valuable after London Stock Exchange Group.
“At this valuation NSE would attract incoming investors while not short-changing existing ones,” one source said.
